A North-Atlantic country joining the trans-Pacific free trade pact is being marked up as a symbolic win for the UK’s Brexit drive to break away from the EU.
It demonstrates how the country can apply new thinking to its trade position in the world. UK Business and Trade Secretary Kemi Badenoch was last week quick to praise predecessor Liam Fox who five years ago kicked off the UK’s efforts to tie up with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – or simply CPTPP.
Looked at another way, it demonstrates that the UK is finally getting its strategy, sealed in the wake of the 2016 vote, in place. As well as sealing promising opportunities, it can revamp other areas where progress has been slower.
There is a growing number of calls for a fresh start on the UK’s negotiations with countries in the Middle East. Not least in regard to the UK’s talks with the GCC, where influential members of parliament are now discussing an approach that would bring a faster result – a bilateral trade deal with the UAE.
At a talk hosted by the UK’s Emirates Society late last month, Steve McCabe, the Labour Party veteran with a deep interest in the region, said post-Brexit trade deals was one area in which the UK was simply not doing enough to remain relevant to countries in the region. Mr McCabe pointed to an international diplomatic scene that was not simply about the orbits of superpowers but countries seeking co-operation in areas such as trade and climate.
The UK's negotiations with the GCC are hardly moribund. The formal third round of the talks wrapped up last month and there were positive statements from both sides about the substantive issues being addressed.
But Mr McCabe, who was recently part of a parliamentary delegation to the UAE, is one of those warning about the limitations of talking for talking’s sake. “We need to be clearer and more direct with what we think is possible, and we need to be absolutely explicit that if we are going to do trade deals, they are urgent and not something that can sit on the backburner for an undue period of time,” he told the Society.
A bilateral trade deal would “step outside” the older and more conventional thinking that led to the GCC talks, which are closely modelled on the also ongoing EU-GCC free trade negotiations. Mr McCabe added that this approach was something that the Labour party should well take onboard, should it form the next government, in relation to the Abraham Accords.
The CPTPP was established in 2018. Its members include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, plus in future the UK.
The boost to the UK GDP is modest, perhaps as little as a few billion pounds annually initially. The bloc is, however, making up 16 per cent of global GDP. It makes good on the recent reboot of the UK Integrated Review, which puts emphasis on pragmatic and evolving alliances with middle-power countries as a potential strength for the UK’s diplomacy.
For a country that prides itself on the promotion of a free and open liberal trade order, the accession is a big move forward
With faster growth, the CPTPP could represent a fifth of the global economy. The UK is getting a chance to shape one of the fastest-growing global blocs from the inside. With an emerging set of three regulatory powers (US, EU and China), the CPTPP has an opening to set its own fourth-pillar approach to how standards are set.
One area worth watching is how this profile is enhanced in the global data transfer stakes, with competing approaches coalescing around the US, the EU’s General Data Protection Regulation, and the Chinese Digital Silk Road.
As London offers another voice alongside those such as Japan and Australia, which are not keen on the Chinese application to join the CPTPP, the UK entry into the bloc is globally significant.
For London, there is the ability to show that it can make its Indo-Pacific commitments and ambitions into a manifest reality. When Prime Minister Rishi Sunak spoke recently in San Diego and declared that “Britain is back” in the Pacific, that was exactly what he meant.
For a country that prides itself on the promotion of a free and open liberal trade order, the accession is a big move forward. The battle against protectionism gets a fillip from such moves. So there is a change in direction that London can take further. For its regional ambitions, one of those opportunities lies with the UAE.
A trade-off between speed and depth of agreements is a commonly recognised dynamic in trade talks. The same is true for any country’s political and diplomatic position.
After the coup of the geographically wide-ranging CPTPP tie-up, the UK could act speedily to take a step into a Free Trade Agreement with the UAE. The low barriers to trade and services between the two countries would make such talks easier – as would their shared predisposition towards open international economies.
It would be a bold step that would get the UK’s trade diplomacy noticed and pay dividends across a broader front.
Tips%20for%20holiday%20homeowners
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Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
UAE currency: the story behind the money in your pockets
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
UAE currency: the story behind the money in your pockets
The%20specs
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Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
Sholto Byrnes on Myanmar politics
Spec%20sheet
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COMPANY%20PROFILE
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THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
ENGLAND SQUAD
Team: 15 Mike Brown, 14 Anthony Watson, 13 Ben Te'o, 12 Owen Farrell, 11 Jonny May, 10 George Ford, 9 Ben Youngs, 1 Mako Vunipola, 2 Dylan Hartley, 3 Dan Cole, 4 Joe Launchbury, 5 Maro Itoje, 6 Courtney Lawes, 7 Chris Robshaw, 8 Sam Simmonds
Replacements 16 Jamie George, 17 Alec Hepburn, 18 Harry Williams, 19 George Kruis, 20 Sam Underhill, 21 Danny Care, 22 Jonathan Joseph, 23 Jack Nowell
More from Neighbourhood Watch
ENGLAND SQUAD
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
MEDIEVIL%20(1998)
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